The essentials conditions for a valid gift as per section 10 of contract act are:
1. Valid offer and Acceptance
2. Transfer of ownership
3. Existing property
4. Competent donor
5. No consideration
Section 126 of TPA mentions two of revocation of gift:
1. Mutual agreement
2. coercion, fraud, or undue influence or recession of essential conditions of a valid contract or failure to meet any of the conditions